3.30.21 – Cedarbridge Apartments, LLC has paid off! You should expect to receive a final payoff check or direct deposit to your account within the next few business days.
12.18.20 – The investor majority (51% of the loan balance) voted to approve the forbearance as proposed on 12/16/2020, extending the forbearance through December 31, 2021 . Click here for the ballot proposal communication dated 12/16/2020.
12.9.19 – The investor majority (51% of the loan balance) voted to approve the forbearance as described in the communication from 12.4.19.
12.4.19 – The borrower has proposed a forbearance extension for the property which we are presenting for investor ballot vote:
- The forbearance period will consist of an additional 12-month term with no optional extension period.
- The Borrower will pay the loan current through 12/31/19 by paying interest accrued from July 1, 2019 through December 31, 2019 at the original interest rate.
- The Borrower will continue to accrue interest at the regular rate from January 1, 2020 through final payoff. Interest will not be paid during the forbearance period but will accrue and be paid at payoff.
- The Borrower will maintain carrying costs for the property.
- Ignite Funding will reserve the right to void the Forbearance at any time if the Borrower fails to pay the interest current by January 10, 2020, keep carrying costs current, and/or maintain all applicable property, zoning, licensing and permits.
- At the conclusion of the forbearance period, should the Borrower be unable to payoff the remaining balance of the loan, Ignite Funding will review the status of the Borrower/property to consider future actions, up to and including proceeding with the foreclosure of the property, previously approved by investor ballot vote.
The alternative to a Forbearance Extension with the Borrower is to proceed with Foreclosure by filing a Notice of Default on the property. The advantage in granting an extension to the forbearance is that investors will receive interest paid current to December 31, 2019 and interest will continue to accrue on the loan until final payoff. In addition, investors may avoid the expense of taking the property back through a foreclosure proceeding.
6.19.19 – Investor majority approved forbearance extension through December 30, 2019. Click here for letter.
1.7.19 – Interest and late fees brought current through 12/31/18 per Forbearance/ Loan Modification approved by investor majority.
1.3.19 – The investor majority (51% of the loan balance) voted to approve the forbearance as described in the communication from 12.27.18.
12.27.18 – The Borrower has proposed a forbearance/ loan modification for the property which we are presenting for investor ballot vote:
- The forbearance period would consist of a 6-month (six) month term with no optional extension period.
- The Borrower will pay the loan current through 12/31/18 by paying back due interest rate at the accelerated default rate and all accrued late fees. The payment will be made by January 4, 2019. If the borrower fails to pay the loan current by this date, foreclosure will proceed as scheduled.
- The Borrower will continue to accrue interest at the regular rate from January 1, 2019 through final payoff. Interest will not be paid during the forbearance but will accrue and be paid at payoff.
- The Borrower will maintain carrying costs for the property.
- Ignite Funding would reserve the right to void the Forbearance/ Loan Modification at any time if the Borrower fails to pay the back due interest and late fees by January 4, 2019, keep carrying costs current, and/or maintain all applicable property, zoning, licensing and permits.
- At the conclusion of the forbearance period, should the Borrower be unable to payoff the remaining balance of the loan, Ignite Funding would review the status of the Borrower/property to consider future actions, up to and including proceeding with the foreclosure previously approved by investor ballot vote.
The alternative to a Forbearance/ Loan Modification Agreement with the Borrower is to proceed with the scheduled Foreclosure Sale on January 9, 2019 and take over ownership of the property. The advantage in delaying the foreclosure by granting a forbearance/ loan modification to the borrower is that investors may avoid the expense of taking ownership of the property and the tax consequences associated with completing the foreclosure, and perhaps even more consequential is that the borrower could still petition the courts for bankruptcy protection which would delay the foreclosure as scheduled and delay resolution further.
11.15.18 – Default Update portal launched. Foreclosure proceedings continue with an anticipated completion date in early January 2019.
10.30.18 – Onsite visit conducted by Ignite Funding found that the structures (including storage garages) remain on the land. Click here for photos.
9.12.18 – The Notice of Default to initiate the foreclosure process has been filed and recorded in the state of Utah. Click here for a link to the filing. For additional information on the foreclosure process in the State of Utah, please visit https://www.foreclosure.com/statelaw_UT.html
Additional correspondence will be sent if there is any action taken by either the borrower or the lender (Ignite Funding on behalf of the investors) during the foreclosure process, and once the property is taken back as real estate owned and ownership is transferred to the investors.
8.27.18 – The investor majority (51% of the loan balance) voted to approve proceeding with foreclosure.
8.20.18 – The Borrower, Tailor Built Homes, has not made their July interest payments which were due August 1, 2018. They have informed Ignite Funding that they are experiencing a cash flow issue which has resulted in their inability to pay the interest as due. As such the Borrower is now considered to be in default on their loans with Ignite Funding.
Ignite Funding will remain in communication with the Borrower to discuss all viable resolution strategies during this default; however, our top priority is to protect your investment. Therefore, the most viable option is to begin the foreclosure process by filing a Notice of Default on the property. Upon the filing of the Notice of Default the Borrower has a minimum of 120 days in the State of Utah to cure the loan, by bringing interest and fees current. During this time Ignite Funding will continue to communicate with the Borrower to explore all viable resolutions.
